The Competition Council authorized the transaction by which Intesa Sanpaolo SpA intends to take over First Bank, according to a press release from the competition authority.

According to the institution, Intesa Sanpaolo SpA is active mainly in the financial-banking field, being the parent company of the Intesa Sanpaolo group. The Intesa Group is present in Romania through its Romanian subsidiary, Banca Comerciala Intesa Sanpaolo Romania.

First Bank is a credit institution active on the financial-banking services market in Romania, which operates a network of 40 branches and offers services to both individuals and legal entities.

Following the analysis, the Competition Council found that this operation does not raise significant obstacles to effective competition on the Romanian market or on a substantial part of it and that there are no serious doubts regarding its compatibility with a normal competitive environment.

The press release states that the decision will be published on the website of the national competition authority, after the removal of confidential information.

AGERPRES